Americans cut their debt

Yuliya Demyanyk and Matthew Koepke

Economic Commentary, 2012, issue Aug

Abstract: The Great Recession brought an end to a 20-year expansion of consumer debt. In its wake is a lively debate about what caused the turnaround. Was it motivated by a decreased appetite for debt by consumers or an unwillingness to lend by banks? Our analysis of Equifax and Mail Monitor data shows that the major cause was most likely consumers.

Keywords: Households - Economic aspects; Debt; Consumer credit; Recessions (search for similar items in EconPapers)
Date: 2012
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